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The UK services sector growth improved from an 11-month low in September, but the pace of expansion remained moderate as subdued domestic demand acted as a drag on activity growth. The services Purchasing Managers' Index climbed to 53.6 in September from August's 11-month low of 53.2, survey data from IHS Markit and the Chartered Institute of Procurement & Supply showed Wednesday.
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The average asking price for a house in the United Kingdom was up 1.1 percent on month in October, property tracking website Rightmove said on Monday.
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UK companies' marketing budgets increased in the third quarter but the pace of growth was the weakest in more than a year, the latest IPA Bellwether Report showed Wednesday.
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GBPUSD failed its attempts to breakout of 1.3228 resistance and pulled back to 1.3110 area, suggesting that the pair remains in the short term downtrend from 1.3337 and deeper decline towards the major support trend line on the daily chart would likely be seen in the coming days. Near term support is at 1.3087, below this level could signal resumption of the downtrend. On the upside, a breakout of 1.3228 level could bring price back to test 1.3337 resistance, above this level could trigger further upside movement towards 1.3455.
http://www.forexcycle.com/wp-content...5_GBPUSD_1.png
GBPUSD is now facing the bullish support trend line from 1.2109 to 1.2774 on the daily chart. A clear break below the trend line support could take price to a key support level at 1.2774, below this level will confirm that the upside movement from 1.1946 (Oct 2016 low) had completed at 1.3657 already, then further decline towards 1.1946 previous low could be seen. On the upside, as long as the price is above the trend line, the fall from 1.3657 would possibly be consolidation of the uptrend, and a breakout of 1.3337 resistance could trigger another rise towards the bearish trend line on its weekly chart.
http://www.forexcycle.com/wp-content...9_GBPUSD_1.png
The Bank of England raised its key rate for the first time in a decade despite Brexit hurting the economy, as inflation sticks to upward trend on a weaker pound. The Monetary Policy Committee, headed by Governor Mark Carney, decided to lift the benchmark rate by 25 basis points to 0.50 percent. This was the first rate hike since July 2007.
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The Bank of England has signaled that interest rates may have to be raised further to bring inflation to target, but that does not mean the bank has promised to hike rates, BoE Deputy Governor Ben Broadbent said Friday.
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GBPUSD continued its sideways movement in a trading range between 1.3027 and 1.3337. Another rise towards 1.3337 resistance would likely be seen in the coming days. As long as this level holds, the sideways movement could be treated as consolidation of the downtrend from 1.3657, and further decline towards 1.2774 is possible after the consolidation. Support is at 1.3027, a breakdown below this level could signal resumption of the downtrend. Near term resistance is at 1.3230, a break of this level could take price to test 1.3337. Above this level could trigger further upside movement to 1.3450 area.
http://www.forexcycle.com/wp-content...8_GBPUSD_1.png
The average asking price for a house in the United Kingdom was down 0.8 percent on month in November, property tracking website Rightmove said on Monday.
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Policymakers must be complacent due to the strong growth momentum in the euro area as inflation is still not near its target, making it necessary to retain the ultra easy monetary policy, the European Central Bank Vice-President Vitor Constancio said on Monday.
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